Executive Mosaic’s GovCon Index rose 0.67% to $5,127.08, concluding its longest losing streak. The broad S&P 500 Index was flat on Wall Street, while the Dow Jones Industrial Average (+0.32%) snapped its four-day skid. The Nasdaq Composite (-0.11%) flipped red following a modest loss.
The week’s big event happened after the closing bell. NVIDIA (Nasdaq: NVDA) declined 2.5% in after-hours trading despite reporting a 94% year-over-year revenue increase in Q3 2024 to $35.1 billion. Retail giant Target (NYSE: TGT) tanked 21.97% after reporting sluggish sales in the third quarter and a 12.1% drop in net earnings to $854 million from a year ago.
Big Lift
The GovCon Index finally ended its descent, which started on Nov. 12. Booz Allen Hamilton (NYSE: BAH), V2X (NYSE: VVX), and 17 others lifted the index higher. Science Applications International Corporation (Nasdaq: SAIC) plus three GCI stocks gained more than 2% md-week. Palantir Technologies (NYSE: PLTR) topped 11 decliners with -1.37%.
Booz Allen Hamilton arrested its seven-day decline. The government and military contractor announced that Booz Allen Ventures, its venture capital arm, made a strategic investment in Reality Defender. Booz Allen’s AI security head, Matt Keating, said the cybersecurity firm uses AI to counter disinformation and secure AI systems.
Business Development
The Defense Post reported Wednesday that the US Army awarded BAE Systems a follow-on contract to develop multi-class soft kill system, or MCSKS, countermeasures to protect ground combat vehicles. MCSKS have capabilities to enhance the US Army’s electronic warfare-based Active Protection System.
Also, mid-week, AeroVironment (Nasdaq: AVAV) announced a $4.1 billion all-stock transaction to acquire defense technology company Blue Halo. The deal could close by the first half of 2025 and help expand AeroVironment’s global footprint. AVAV is the second-best performing GCI stock thus far in 2024 after Palantir Technologies, with a +57.36% year-to-date gain.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,127.08 | 34.53 | 0.67% |
| Dow Jones Industrial Average | 43,408.47 | 139.53 | 0.32% |
| NASDAQ | 18,966.14 | -21.33 | -0.11% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 144.19 | 6.27 | 4.55% |
| VVX | 61.82 | 2.29 | 3.85% |
| SAIC | 123.05 | 3.55 | 2.97% |
| LDOS | 162.15 | 3.86 | 2.44% |
| CACI | 454.9 | 10.28 | 2.31% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 454.9 | 10.28 | 2.31% |
| BAH | 144.19 | 6.27 | 4.55% |
| LDOS | 162.15 | 3.86 | 2.44% |
| SAIC | 123.05 | 3.55 | 2.97% |
| AVAV | 198.34 | 3.45 | 1.77% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 62.12 | -0.86 | -1.37% |
| TTEK | 40.22 | -0.52 | -1.28% |
| BAESY | 65.98 | -0.84 | -1.26% |
| J | 132.5 | -1.02 | -0.76% |
| HII | 190.25 | -1.36 | -0.71% |
